Investors Eat Up Grubhub Following Earnings Beat - TheStreet

Grubhub (GRUB) - Get Report delivered stronger-than-expected first-quarter numbers and investors were eating up the stock Friday.

Shares rose 1.7% to $70.98 on Friday.

Grubhub reported first-quarter net income of 30 cents per share on an adjusted basis, a nickel better than Wall Street was expecting. Revenue of $323.8 million was also ahead of analysts' estimates of $322.8 million. 

"We are extremely proud of our entire team for another fantastic quarter of execution - record new diner growth, thousands of new quality restaurants added to our platform and a sixth consecutive quarter of organic order acceleration. Even with our recent ramp in growth investments, adjusted EBITDA per order improved during the quarter, underscoring our ability to grow in a long-term sustainable manner," said Grubhub Founder and CEO Matt Maloney

For the current quarter, the company expects to generate revenue between $305 million and $325 million. For the year, the food delivery company expects to generate between $1.32 billion and $1.42 billion. 

Analysts are expecting the company to generate sales of $320 million in the second quarter and $1.37 billion for the year.